The St. Johns herald., 1887-04-14
COUNTY FUNDING BILL.

the enabling act passed by the last Legislature allowing any county in the Territory to fund its outstand- ing indebtedness:
 AN ACT to enable any county to
 fund its outstanding indebted
 ness.
 Be it enacted by the Legislative
 Assembly of the Territory of
 Arizona.
 SECTION 1. The Board of Super visors of any county in this Terri tory shall, from time to time, here after issue negotiable coupon bonds of their county for the purpose of paying, redeeming or refunding the principal and interest of, or any part of the following indebtedness of their county, when the same can be done at lower rate of interest, and to the profit and benefit of the county.
 First, Any indebtedness contract ed prior to July 3Oth, 1886, and ob- legations existing or contracted un- der any law passed prior to said date.
 Second, Any indebtedness con- tracted subsequent to July 30, 1886.
 Said bonds shall be issued as near as practicable in denomina- tions of. one thousand dollars each, but bonds of lower denomination, not less than five hundred dollars each, may be issued when neces- sary. Said bonds must bear inter- est at a rate to be fixed by the Board of Supervisors, but in no case to be more than eight per cent or less than five per cent per an mum, to be paid on the 18th of January in each year; the princi- pal and interest shall be paid in gold coin, or it's equivalent in law full money of the United States, at the office of the County Treasurer, or at such bank in the city of New York or the city of San Francisco, as may be designated by the Board of Supervisors, at the option of the purchaser of said bonds, the place of payment being mentioned in said bonds, and which shall be paid and redeemed as follows: Ten per cent of the total amount issued, to be paid in ten years from the date of issue, and ten per cent an nually thereafter, until all of said bonds are paid, making the last bond redeemable and payable twen- ty years after date of issue Pro- vided, that the Board of Supervi- sors of any county may, at their option, make all or any of said bonds redeemable at an earlier date and the principal and interest, or either, payable in lawful money of the United States at any particular time or place, but such time, money and place shall be stated on the face of each bond, which must be re- deemed in the order it is numbered Provided, further, that no bonds is- sued under the provisions of this act shall be redeemable before five years after the date and issuance thereof.
 Sec. ?. There shall be attached to each ot said bonds, and bearing the same number thereof, annual interest coupons, covering the in- terest expressed in said bond from the date of issue until paid but in no case shall said bonds bear in- terst, nor shall any interest be paid thereon for any time before their delivery by the Treasurer to the purchaser, as hereinafter provided and said coupons shall be so at- tached to said bonds as to be re- moved therefrom without mutila- ting the same.
 Sec. 8. When the Board of Su- pervisors shall have decided to re- fund or redeem, all or any part of the county indebtedness, they shall prepare, at the cost of the county, the necessary bonds authorized by this act to be issued, which bonds shall be signed by the Chairman of the Board of Supervisors, and bear